Minnesota Fats Corporation has outstanding 10,000 shares of $100 par value, 8% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2006, and no dividends were declared in 2006 or 2007. In 2008, Minnesota Fats declares a cash dividend of $300,000.

How will the dividend be shared by common and preferred stockholders if the preferred is

(a) noncumulative and

(b) cumulative?